Course Content (course 9:15am-5pm):

In all of Property Overview’s courses an experienced and friendly practitioner can add real value as we are able to combine theory and practice and show real-life examples to bring the subject matter to life.

Property, and debt in particular, is full of terminology and processes that can seem frankly bewildering. Jonathan, a seasoned real estate debt veteran, will bring unbiased clarity and insight. His practical approach helps each attendee bed down theory in an engaging, efficient manner.

Whether you work for a lender, borrower or service provider, the content and context provided by this 1-day course will help the attendee in business discussions and decision making. Some basic understanding of the property market is a prerequisite.


Module 1

The supply and use of debt in real estate investment

  • Motivation to provide debt by lenders; how real estate debt compares
  • Drivers of property cycles
    • ….and how volatility impacts LTVs, lending volumes, profitability, debt covenants and other lending aspects
  • Types of debt in use across real estate
    • What impact interest rates and debt margins – in general and per type
  • Why borrow?
    • How much, what way, for how long, at what cost?
    • How risky? How does it magnify returns and losses?
  • The sectors
    • What are they and what is their appeal
    • How has their appeal changed since the GFC and how has their appeal changed due to COVID-19. What are key considerations?
    • ESG: environmental, social and governance considerations
    • Proptech – the future is digital?

Module 2

Private Commercial Real Estate debt and its place in the 4 quadrants

  • Private and Public debt market instruments

Who do you borrow from? The change in debt capital sources and market players

  • What are the characteristic of the debt markets (senior, mezz and quasi equity)
  • How has this changed since the GFC – the rise of the unregulated lenders
  • Who can offer what type of debt
  • What else can investors do?

How does the capital structure and risk profile differ?

Case study

Module 3

Debt-specific jargon


What is the art of the possible/what are the constraints

Risk, return & leverage

  • Borrowers: capital structure, mezzanine finance, leveraged appraisal
  • 4 Quadrant investment, debt & performance

Module 4

Negotiating the term sheet

Risk assessment of property debt, including underwriting & credit risk

What is your exit

Final pieces of essential jargon, discussion on covenants, ratios, calculations

Case study game – compare and contrast real-life cases in your group and apply all that you have learned. This helps translate theory into practice



Taught by Jonathan Monninkendam, a senior, friendly and approachable practitioner

Risk management needs to embrace uncertainty and structural change

Converting the high street

Contagion or containment in the real estate industry

REITs: Castles of Sand?

My hopes and fears for UK property in 2020

CBRE buying Telford Homes: a symbol of change

New Frontiers: Flexible Space Operators and Landlords fight a turf war

New Frontiers: Space Management Beyond Bricks & Mortar

New Frontiers: Does WeWork Work for Occupiers AND Investors?

TFL, AFL, laughable?

How blockchain is the new kid on the block in real estate

A.I. for you and I

Big data, big deal?

Footloose and fancy-free?

Inhabit: the purported £1bn development programme greystar is buying according to property week

UK commercial RE lending survey 2017 take-aways

How safe is retail as an investment?

Build-to-Rent NOI growth predictions for the UK

The Grenfell Tower fire is impacting many apartments across the UK

Is the UK housing market more difficult to understand than quantum mechanics?

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